Bitcoin

<a href="https://ultramining.com/news/en/riot-platforms-to-boost-efficiency-with-midas-immersion-coolings/">Riot</a> Platforms has continued its strategic accumulation of <a href="https://ultramining.com/news/en/bitfarms-set-to-boost-mining-capacity-with-quebec-expansion/">Bitfarms</a> shares, significantly increasing its stake to 18%. According to data, Riot purchased 1,725,000 shares on August 7, 2024, at a weighted average price of $1.96 per share, within a price range of $1.88 to $2.06. The following day, August 8, Riot bought an additional 3,047,898 shares at a weighted average price of $2.22 per share, with prices ranging from $1.96 to $2.35. These purchases occurred just as Riot received court approval to increase its stake in Bitfarms to 19.9%, positioning the company just below the threshold that would trigger Bitfarms' poison pill defense, which prevents any shareholder from exceeding this limit without board approval, according to <a href="https://x.com/FransBakker9812/status/1821879498792472941">FransBakker</a>. 
<img src="https://lh3.googleusercontent.com/d/1rn_iBLbcaiM-mjdL5IDQl4NOWuFgmCvB?key=1rn_iBLbcaiM-mjdL5IDQl4NOWuFgmCvB" alt=""> 
Riot's aggressive buying strategy comes during a market dip, a move often associated with dollar-cost averaging (DCA). This approach allows Riot to potentially lower its average cost per share while increasing its influence over Bitfarms. The ongoing accumulation has sparked discussions within the industry about Riot’s potential endgame, with speculation around a possible merger and acquisition (M&amp;A) at $4.50 per share. This strategic maneuver highlights Riot's intention to solidify its position in the Bitcoin mining sector, while also drawing questions about the next moves from Bitfarms as it navigates this increased external pressure.

Riot Platforms Raises Stake in Bitfarms to 18%, Continues Strategic Accumulation

Ultramining_Eng

Other articles published on Aug 13, 2024

Ethereum Price Crash On Cards? $25M Sell-Off Sparks Fear of Further Decline

Texas Blockchain Counci Endorses Ted Cruz for US Senate Reelection

Lido Finance Ventures Beyond Ethereum, Expands to BNB Chain

Shiba Inu (SHIB) Faces Reversal at $0.000015: Will Price Plummet?

Wazirx Withdrawal Freeze: $230M Trade Reversal

OKX Wallet Partners with Nubit to Enable Trustless Indexing for the Bitcoin Ecosystem

Join our free newsletter for daily crypto updates!